Brent Technical Analysis
Brent markets initially rallied as well, but just like in the other contract, we gave up the gains once we got above the 50 day EMA. This is a market that I think continues to see a lot of noise, somewhere between the $60 level and possibly the $68 level, most certainly $70. So, with that, I think we’ve got a situation where markets are just trying to sort out where to go next.
I do think that if we can break this $68 level, then we’ll start to work our way higher, but we’ll have to see how it plays out. Short-term pullbacks do make sense, with the $60 level underneath being the floor, and I think offer buying opportunities anytime we drop. We have formed a double bottom and that is a good sign, but whether or not it holds, we still have to wait to see.
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